Section 271(1)(c) Penalty Reduced: 300% Penalty Overturned, Minimum 100% Penalty Imposed for Tax Evasion Attempt.

Section 271(1)(c) Penalty Reduced: 300% Penalty Overturned, Minimum 100% Penalty Imposed for Tax Evasion Attempt. https://www.taxtmi.com/highlights?id=33201 Penalty levied u/s 271(1)(c) - this is not a fit case for levy of 300% penalty. Therefore, we direct the assessing officer to levy minimum penalty i.e. 100% of the income sought to be evaded and compute the penalty accordingly. - AT en-us Wed, 08 Feb 2017 12:40:20 +0530 Wed, 08 Feb 2017 12:40:20 +0530 TaxTMI RSS Generator Section 271(1)(c) Penalty Reduced: 300% Penalty Overturned, Minimum 100% Penalty Imposed for Tax Evasion Attempt. https://www.taxtmi.com/highlights?id=33201 Penalty levied u/s 271(1)(c) - this is not a fit case for levy of 300% penalty. Therefore, we direct the assessing officer to levy minimum penalty i.e. 100% of the income sought to be evaded and compute the penalty accordingly. - AT Highlights Income Tax Wed, 08 Feb 2017 12:40:20 +0530 https://www.taxtmi.com/highlights?id=33201